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To: steve host who wrote (177)	2/10/1999 12:13:00 PM
From: Haolin Ni	Read Replies (1) \| Respond to of 489

Several big block sell at and lower than bid price shown in level II. You buy more and lose more!

To: steve host who wrote (177)	2/10/1999 12:33:00 PM
From: .com	Respond to of 489

from briefing.com: 12:10 ET ****** UNITED PAN EUROPE COMMUNICATIONS NV (UPCOY): Institutional investors have been lining up to participate in the initial public offering of this Amsterdam-based telecommunications company. Briefing.com is hearing that this deal is several times oversubscribed. Why the keen anticipation? You guessed it: United Pan-Europe Communications N.V. is an Internet play. The company owns and operates cable-based communications networks in 10 European countries and Israel and is is upgrading its systems in Western European markets to two-way transmission capability to support local telephone services and high-speed Internet access. Moreover, institutional money is following Bill Gates into the deal. Late last month, Microsoft Corp (MSFT) announced plans to invest $300 million in UPCOY. The investment will give Microsoft an 8% stake in the company. As the chart of parent company United International Holdings (UIHIA) demonstrates, investors are expecting a warm Wall Street reception for UPCOY, despite UPCOY's prediction of net losses for the next five to ten years. Based on the $27.80 to $31.27 offer range and proposed sell of 17.6 million shares, UPCOY could raise more than $500 million, making this the largest Internet-related IPO so far this year. Goldman Sachs is serving is lead-underwriter.